Loan Application Process
In order to process your business loan application in a timely manner, the following documents need to be submitted:
- Application including personal financial statement
- Personal tax returns for the last two years (three years if a sole proprietorship)
- Copy of drivers license for sole proprietor or copy of Articles of Organization for other types of businesses.
- Business References
- 2 Years cash flow projections on a month-by month basis.
- Lease (if applicable)
- Inventory listing
- Equipment listing
In addition, the following documents may need to be submitted, depending on the status of your business.
- A completed business plan
Existing Businesses (if not included in your business plan)
- A brief written history of your business; a description of your products and services; a summary of your previous business experience; a description of the key risks or challenges in your business and how you manage against them; and a description of the two main strengths of your business.
- Current year to date financial statements (if year-end financials are over six months old)
- Business tax returns for the last two years.
- Current balance sheet.
The CDP provides Technical Assistance to applicants in developing the loan application, including a business plan and financial projections. Contact Pam Andersen for more information or to schedule an appointment.